Tips for Growing Your Electrical Business

It hardly needs to be mentioned that in today’s times, electricians have to be entrepreneurs. It is immensely critical to promote your services as a contractor, otherwise, some other electrician might walk away with the much-desired job. Despite how important it is to cultivate business, so many new-age electricians are still not familiar with the idea of building contacts, networking, and promoting their services. Bajaj Finserv offers a smooth and hassle-free process of obtaining a loan for engineers in case you are on the lookout for the same. The documents required for an engineers loan is also minimal, thus accelerating the entire process. The following tips can provide to be useful in growing your electrical business –

  1. Cultivate relationships with vendors, facilities managers, and co-workers: referrals are a staple of every successful electrician’s business. In fact, these days it is important to make yourself known to every person you meet, not just for an electrical business, but for any job or enterprise. The relationships you establish with these people will help you land new contracts in the future. On a different note, check out the offers and engineer loan interest rate promised by Bajaj Finserv which can be of immense help. Whether they hire you directly for another contractor refer you to their friends, you will always be in a more advantageous position. Business owners usually prefer hiring and recommending electricians they can trust. Take the time to know the team well, along with the management you are working for. Adding a personal touch creates common ground and a sense of familiarity.

  2. Provide a great customer experience, and follow up later with a survey: Even though we are in the age of social media marketing, word-of-mouth is still considered to be the most effective way of growing your business. And ensuring unmatched service to your customers is the best way to generate this. If they are satisfied, they will surely share the positive feedback with others. You can try sending them an email survey, asking them to rate your service and also offer suggestions for improvement. It is also noteworthy that Bajaj Finserv offers loan for engineers with lucrative terms and conditions. You also need to take a look at the eligibility criteria for engineers loan in case you consider applying for the same.

  3. Use meet-and-greets as a platform to discuss your services: When bidding your jobs, you have an opportunity to reach out to potential new customers. Set up meetings with your customers and your team. Besides dressing appropriately for such events, you can also bring materials to demonstrate your knowledge and unique approach to the job. Understand that the point of these meetings is not simply to land a contract. It is to make your presence felt amongst a potential client base and expand your network in the relevant professional circle. Besides, these contacts may eventually prove to be beneficial when applying for a professional loan for engineers.

  4. Build a database of clients, co-workers, project managers, and other networking contacts: Be it by creating the good old spreadsheet, or using a program like Microsoft Exchange, the database you create should also be updated regularly.

  5. Use service offerings to expand your reach: introduce the end-user to your “warranty team”, thus establishing a relationship with him.

  6. Be ready to implement emerging trends: invest the required amount of time and money by learning about wind and solar technologies, green building standards, and lean construction methods. In fact, by attending lean construction seminars, one can enjoy excellent network opportunities. Besides, also consider a LEED certification process which will introduce you to architects and building owners.

  7. Invoice customers sooner: many small business owners are compelled to deal with cash flow issues on a regular basis, and this holds good for electricians as well. Be it the customers’ delay in paying their bills, or excess inventory, electrical businesses cannot grow without access to cash. Money is required to at least pay wages and buy equipment and supplies. By changing the approach to invoicing, one can avoid struggling with cash flow problems. For example, it is wiser to give the customers the bills the moment the work is complete, instead of waiting until the end of the month. It is also advisable to enable your customers to pay you electronically whenever possible, so as to speed up the payment.